OK, nobody complain about what I'm gonna say because he asked specifically about Palms...
zj_jeepster - not only can Palms do emulators, and not only are there some good ones already, but there's a terrific gaming oriented Palm called the Zodiac that would probably be right up your alley. There's a fantastic emulator being made for it right now called LJZ that emulates SNES, NES and GB/C all in one. Plus there's other emus for various systems as well, including a GBA emu called Firestorm that's being worked on. Plus the Zodiac can play all the Palm stuff, as well as its own specialized games including ports of Spyhunter, Tony Hawk and original titles as well. It's a new system, only 6 months old, but it's off to a good start.
If you want to know more about the Zodiac, stop by
http://www.ZodiacGamer.com and take a look around. I wrote a review that gives you a good introduction to the hardware itself you might like to read. It's in the reviews section, but here's a direct link:
Zodiac2 Review.
The formatting is little wacky, because the review was originally done for the old ZodiacGamer site (the new/current one is PHPNuke).
Basically if you like/use Palm PDA's, the Zodiac is sorta like what you'd get if a GP32 and a Palm had a baby.
So it could be just what you're after.